According to the report, following F2Q14 results the analysts are modestly raising estimates and raising price target to $42.00. They also outline a few of the ways that RPM could get to their $57 Bull Case valuation.

“RPM reported better-than-expected results yesterday, largely driven by continued strength in
the company's exposure to US home improvement in the Consumer segment,” the report noted. “Better-than-expected margins in the Industrial segment also helped. Peers will be
reporting their quarterly results over the next 2-6 weeks, and we expect to see that RPM's organic growth remains above-average.”
The key value drivers included:

-”Global non-residential maintenance, US home improvement, and US non-residential construction are top end markets.”
-“Falling raw materials will help gross margin expansion.”
-”SG&A leverage from strong organic growth and acquisitions.”
-”68% sales in North America – limited downside from EM macro.”